Offers invited in excess of £1,000,000 subject to contract and exclusive of vat which reflects a niy of 4.
4% after purchaser’s costs.
The property is held on a long leasehold basis from test valley borough council for a term of 128 years from 14th june 1988 until 14th june 2116 at a current ground rent of £10,000 per annum.
The ground rent payable is reviewed annually and is 8% of the rent which the tenant has received (or is deemed to have been entitled to.
There is circa 98 years unexpired term remaining.
The ground floor is let to furlong business services on the residue of a lease due to expire on 2nd december 2020 at a passing rent of £44,000 per annum exclusive.
Both leases are contracted outside of the security of tenure provisions of the 1954 l&t act.
The property comprises a modern, detached, purpose built, two storey office building with communal entrance lobby. The subject comprises the whole of the first floor providing open plan floor space of a good standard of accommodation with perimeter trunking, air conditioning, raised accessed floors, male and female toilets with shower and a lift access. In addition there is a ground floor suite, accessed off the communal hallway most recently used as a server room but which could also provide offices. The building is set within a site of circa 1.05 acres with an excellent provision of parking and landscaped grounds. The building is set within a site of circa 1.05 acres with an excellent provision of parking and landscaped grounds.
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